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TASMANIA'S HELLYER METALS PROJECT SOLD OFF.
PERTH, Jan 1 Asia Pulse - The failed lead, zinc and copper Hellyer Metals Project in Tasmania has been sold off for $A1.6 million ($US1.2 million).
The receivers and managers of parent group Western Metals have sold the project.
PricewaterhouseCoopers' David McEvoy and Stephen Longley said the sale, which is expected to go through in about a month, was to a consortium controlled by Intec Ltd, Ivanhoe Mines Ltd group and Ammtec Ltd.
The debt-plagued Western Metals went into receivership in July, a victim of depressed base metal prices and a disastrous hedge book.
PricewaterhouseCoopers said the Hellyer Metals Project sale included tenements, a mill and a tailings dam, as well as a metallurgical research and development facility and associated intellectual property.
The tailings dam, which is currently under care and maintenance, contains significant amounts of gold, zinc, lead, silver and copper above ground which, at current metals prices, have an aggregate in-situ value of approximately US$1.2 billion (A$1.6 billion).
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Source: HighBeam Research, TASMANIA'S HELLYER METALS PROJECT SOLD OFF.